Webinar: 20th of March @11AM - Practical Guide to Product Cost Benchmarking for Competitive Advantage
Navigate the complex world of product costing, cost engineering, and carbon management with our comprehensive glossary. Understand essential industry terms and find relevant resources to deepen your knowledge.
Our glossary offers clear and concise explanations of essential keywords and terms related to product costing, cost engineering, and carbon management. Whether you are a cost engineer, procurement professional, R&D engineer, or manufacturing decision-maker, this resource will assist you in navigating industry-specific concepts and finding educational resources.
An EU regulation that imposes a carbon tariff on imported goods to encourage manufacturers to reduce emissions and adopt more sustainable practices.
A detailed analysis of a product’s total cost, segmented into key components, to improve transparency and cost efficiency. It is essential for cost engineering, supplier negotiations, and manufacturing cost optimization.
A digital solution that helps companies measure, track, and reduce their carbon footprint across the supply chain.
A systematic evaluation of costs associated with a product, service, or process to identify inefficiencies and savings potential.
A methodology that balances cost efficiency and product value to enhance profitability.
A software application used to estimate and calculate the costs of manufacturing products or providing services.
A factor that significantly influences the total cost of a product or process, such as raw material prices, labor, or energy consumption.
A discipline focused on cost control, cost optimization, and cost estimation in product development and manufacturing.
Software designed to calculate and estimate production costs by analyzing materials, labor, and manufacturing processes.
A tool that enables businesses to monitor, control, and optimize costs across projects, procurement, and production.
A structured representation of all cost components in manufacturing, helping businesses forecast and optimize costs.
The process of reducing expenses while maintaining operational efficiency and product quality.
An approach where cost targets are set during the design phase to ensure profitability while meeting product requirements.
A sustainability-driven methodology where products are designed with minimal carbon impact in mind.
An approach that integrates sustainability principles into product development to reduce environmental impact.
A regulatory process where companies document and disclose their greenhouse gas emissions, often for compliance with environmental laws.
The process of predicting the expenses involved in manufacturing a product to support budgeting and pricing decisions.
A metalworking process that shapes material using compressive forces, typically by hammering or pressing, enhancing the strength and durability of the final product.
A manufacturing method where molten metal is forced into a steel mold under high pressure, producing parts with precise dimensions and smooth surfaces.
A manufacturing technique where molten material, usually plastic, is injected into a mold cavity under high pressure to form complex shapes with high precision and repeatability.
A manufacturing process involving the removal of material from a workpiece to achieve a desired shape and size, typically using tools like lathes, milling machines, and drills.
A financial assessment to decide whether a company should produce components in-house or outsource them.
The total expense of producing a product, covering raw materials, labor, and factory overhead costs.
A strategic approach to controlling production costs while maintaining product quality and efficiency.
Greenhouse gas emissions resulting from industrial production processes, including energy use and raw material extraction.
A metal forming process where sheet metal is cut, shaped, and formed using dies and high-pressure presses, incorporating operations such as blanking, bending, punching, and deep drawing to produce precise, cost-effective components.
A data-driven approach to forecasting future product costs based on historical data, market trends, and cost models.
The process of calculating and managing costs associated with purchasing materials and components.
The total greenhouse gas emissions associated with a product's lifecycle, from raw material extraction to disposal.
The process of measuring, reducing, and managing the carbon footprint of products throughout their lifecycle.
A systematic approach to evaluating the costs associated with a product, including raw materials, production, logistics, and indirect expenses.
A structured method for comparing product costs against competitors or industry standards to identify cost optimization opportunities.
The process of determining the total cost of producing a product, including materials, labor, overhead, and other expenses.
A strategic approach to controlling and optimizing costs throughout the entire product lifecycle, from design to production.
A digital solution designed to analyze, optimize, and control product costs throughout the entire lifecycle.
The process of calculating the total cost of a product, considering materials, labor, manufacturing overhead, and logistics.
A specialized tool used to calculate, manage, and optimize the costs of products throughout their lifecycle.
The total cost incurred in producing a product, including materials, labor, and overhead.
Product Cost Calculation
The process of estimating and analyzing the total cost of manufacturing a product.
An evaluation of supplier pricing to ensure competitive and fair procurement costs.
The total expenses incurred when acquiring goods and services for production.
Indirect emissions in a company’s value chain, including supplier emissions, transportation, and product lifecycle impacts.
The part of Scope 3 emissions related to supply chain activities, such as material extraction and supplier operations.
A fabrication process that shapes metal sheets into desired geometries using bending, stretching, or stamping techniques, commonly used for automotive and appliance parts.
A method used in procurement and cost engineering to estimate the fair price of a product or component based on its material, labor, and process costs.
A detailed breakdown of a product’s costs to determine its true value and enable more informed pricing and procurement decisions.
An estimation method used to predict the ideal cost of a product or component to support negotiation and cost transparency.
A process that compacts and heats powdered materials below their melting point to form solid components with high strength and precision, often used in metal and ceramic manufacturing.
The process of discussing terms and prices with suppliers to achieve optimal cost savings and procurement efficiency.
A cost management approach where a product’s price is determined first, and the design is adjusted to meet cost objectives.
A metal forming process where a workpiece is moved through multiple stations using a transfer system, enabling complex parts to be stamped and formed in a sequence of operations.
A method to optimize product costs by analyzing the functions of a product and eliminating unnecessary expenses while maintaining quality.
A structured process to enhance product value by improving functionality while reducing costs during the design and development phase.
Dive deeper into cost optimization and sustainability with expert insights from our blog.
Suppliers are under growing pressure to justify price increases as OEMs push back harder on costs. With inflation, rising material prices, and supply chain disruptions, negotiations are tougher than ever. Learn how cost management software provides transparent cost breakdowns to help suppliers defend pricing and secure fair agreements.
Learn why supply chain disruptions demand smarter variant cost calculations. Explore how accurate costing can optimize resources, reduce risks, and build resilience.
Explore cost-effective strategies for reducing CO₂ emissions in manufacturing. Learn how Tset's cost & carbon software solution helps manufacturers balance sustainability goals with business efficiency
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